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Long-term review
Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Gold price tried to close above $1,750 this week but price came back towards $1,720-10 support. Although our short-term outlook for a move towards $1,770-80 partially played out, we remain cautious as the weekly chart shows warning signs. Although it was expected for Gold price to move above $1,750 after breaking above $1,720, Gold price in the area of $1,750 is oversold while at the same time the RSI is diverging. Traders should not ignore this.

Exchange Rates 22.05.2020 analysis

Black line - resistance broken

In Ichimoku cloud terms Gold price remains above key short-term support indicators. The tenkan-sen has risen to $1,729 while the kijun-sen support is at $1,712. As long as price is above these two levels, short-term trend remains bullish and we continue to expect price to reach $1,770-80. Failure to hold these two levels will increase the chances for a pull back towards $1,650.

Performed by Alexandros Yfantis,
Analytical expert
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